Operations Update

Diamondback Energy

Permian Basin

Diamondback Energy, Inc. (FANG)

About Diamondback

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback's activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring and Cline formations.

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Core Values

Diamondback Energy and the culture we have developed are grounded in a unique set of core values that are adhered to throughout the entire organization. By establishing core values, we have set the bar extremely high for all of our employees in terms of how they operate and interact, both within the office and out in the field.

Leadership

Integrity

Excellence

People

Teamwork

Diamondback Energy is committed to establishing and maintaining a leadership position within our organization and within our business community. Internally, leadership starts at the top through setting the right vision, sound decision making and effective delegation. Externally, we strive to be perceived as leaders in our industry in terms of how we execute on our strategy, operate and deliver exceptional results to our shareholders.

For Diamondback Energy, integrity is achieved when our words and actions consistently reflect our vision and strategy. We are keenly aware that integrity is built over time. While it is difficult to measure, when achieved, integrity is apparent in all our business dealings with our partners and shareholders.

Diamondback Energy strives for excellence in all that we do. We have high expectations for ourselves. Excellence is achieved when actions exceed the desired outcome. We recognize and reward individual accomplishments with emphasis on contributions to our organizations success.

Diamondback Energy understands that our present and future success is predicated on the success of our people. We promote an environment of mutual trust, confidence and respect where people are challenged to reach their full potential.

Our mutual success depends on our commitment to teamwork. Teamwork is the embodiment of different ideas, personalities and skills to achieve a common goal both within our organization and thru effective relationships with our business partners.